Exhibit 12.2

Union Electric Company

Computation of Ratios of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

(Thousands of Dollars, Except Ratios)



|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|---------------------------------------------------------------------------------------------- |  | ----------------------- | ------- | ---- | - | ------- |  | ---- | ------- |  | ---- | ------- | --- |  | - | ------- | ---
|                                                                                               |  | Year Ended December 31, |        
|                                                                                               |  | 2004                    |         | 2005 |   | 2006    |  | 2007 |         |  | 2008 |        
|Net income from continuing operations                                                          |  | $                       | 378,670 |      | $ | 351,770 |  | $    | 348,806 |  | $    | 341,966 |     |  | $ | 250,998 |    
|Less- Income from equity investee                                                              |  |                         | 5,098   |      |   | 6,463   |  |      | 54,285  |  |      | 54,545  |     |  |   | 10,948  |    
|Add- Taxes based on income                                                                     |  |                         | 207,641 |      |   | 193,156 |  |      | 183,867 |  |      | 139,782 |     |  |   | 133,514 |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Net income before income taxes, change in Accounting principle and income from equity investee |  |                         | 581,213 |      |   | 538,463 |  |      | 478,388 |  |      | 427,203 |     |  |   | 373,564 |    
|Add- fixed charges:                                                                            |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Interest on long term debt                                                                     |  |                         | 103,338 |      |   | 120,899 |  |      | 176,088 |  |      | 203,456 | (1) |  |   | 205,314 | (1)
|Estimated interest cost within rental expense                                                  |  |                         | 2,790   |      |   | 2,528   |  |      | 2,754   |  |      | 2,540   |     |  |   | 3,533   |    
|Amortization of net debt premium, discount, and expenses                                       |  |                         | 5,168   |      |   | 5,278   |  |      | 5,468   |  |      | 5,634   |     |  |   | 6,226   |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Total fixed charges                                                                            |  |                         | 111,296 |      |   | 128,705 |  |      | 184,310 |  |      | 211,630 |     |  |   | 215,073 |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Earnings available for fixed charges                                                           |  |                         | 692,509 |      |   | 667,168 |  |      | 662,698 |  |      | 638,833 |     |  |   | 588,637 |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Ratio of earnings to fixed charges                                                             |  |                         | 6.22    |      |   | 5.18    |  |      | 3.59    |  |      | 3.01    |     |  |   | 2.73    |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Earnings required for combined fixed charges and preferred stock dividends:                    |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Preferred stock dividends                                                                      |  |                         | 5,941   |      |   | 5,941   |  |      | 5,941   |  |      | 5,941   |     |  |   | 5,941   |    
|Adjustment to pre-tax basis                                                                    |  |                         | 2,891   |      |   | 2,896   |  |      | 3,244   |  |      | 2,429   |     |  |   | 3,160   |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|                                                                                               |  |                         | 8,832   |      |   | 8,837   |  |      | 9,185   |  |      | 8,370   |     |  |   | 9,101   |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Combined fixed charges and preferred stock dividend requirements                               |  | $                       | 120,128 |      | $ | 137,542 |  | $    | 193,495 |  | $    | 220,000 |     |  | $ | 224,174 |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    
|Ratio of earnings to combined fixed charges and preferred stock dividend requirements          |  |                         | 5.76    |      |   | 4.85    |  |      | 3.42    |  |      | 2.90    |     |  |   | 2.62    |    
|                                                                                               |  |                         |         |      |   |         |  |      |         |  |      |         |     |  |   |         |    

(1)Includes FIN 48 interest expense